Numerous hiccups in the rollout of the updated Free Application for Federal Student Aid have upended this year’s financial aid award season.
Technological issues during the application’s soft launch in late December meant that many students and their families may have had difficulty submitting the form between its release and mid-January.
More than 17 million people submit FAFSAs each year, according to Department of Education data. But this year, as of the end of March, FAFSA submissions were down about 29% from the previous year, according to the National College Attainment Network. By now, most of the issues with submitting the form have been resolved, but getting the FAFSA information from the ED Federal Student Aid office to colleges introduced another set of problems.
In late March, FSA identified problems with information received by some schools, including inconsistent student tax information from the Internal Revenue Service that could impact a student’s aid eligibility. The errors affected about 5% of processed FAFSAs, according to the ED and IRS, all of which will be reprocessed during the first half of April, the department said in a blog post.
Many of those who have filled out an application are waiting in limbo to find out how much they will have to pay for tuition for the next school year.
“Every day counts, and with hundreds of thousands of FAFSAs needing to be reprocessed, even more student delays lie ahead,” said Justin Draeger, president and CEO of the National Association of Financial Aid Administrators to students in a press release. “Continually taking two steps forward and one giant step back is not a sustainable path to securing financial aid offers to students and families.”
Although you may have to wait some time to receive your aid, it is always advisable to submit your FAFSA as soon as possible. Aside from reprocessing these erroneous forms, the FSA said that starting in April, schools should begin receiving student financial information within one to three business days after the student submits their FAFSA.
Typically, most colleges set May 1 as the deadline for new students to commit to attend, but many schools have pushed back that date in light of FAFSA delays. Still, some students may feel pressure to commit to a school before seeing all the financial aid offers available to them or to skip the FAFSA — and potentially college — process altogether.
Here are some things to keep in mind if you’re stressed about making a college decision amid the FAFSA turmoil.
Patience and communication are essential
It’s important for students who need financial aid to pay for college – and even those who think they may not qualify for aid – to complete the FAFSA, experts say. Higher Education.
Despite the delays, “all high school and college-returning students should still complete the FAFSA,” Bethany Hubert, financial aid specialist at Going Merry by Earnest, told CNBC Make It. “Particularly low-income, minority and first-generation students who can really benefit from this financial aid, they need to make sure they prioritize it.”
Once you’ve completed your application, Hubert says all you can do next is keep an eye on school engagement deadlines, be patient, and communicate your situation to the relevant parties – pending schools of your decision or the FSA office in case of errors. on your FAFSA.
“Be sure to be proactive and stay on top of communications from your financial aid office and the Department of Education,” she says. “And make sure that if you know you’re going to have to appeal or do a FAFSA correction, you’re prepared for that as well.”
Make an informed decision
Hubert emphasizes, however, that you shouldn’t feel pressured to commit to a school you don’t know you can afford just because the deadline is approaching and you haven’t seen your aid package.
“Make sure you don’t commit if you’re not comfortable (with your aid program) or without having all the information in front of you,” she says. “If you can wait for those decision deadlines, try to do so so that you can receive those award letters hopefully in time to make an informed decision.”
Students who received aid that they believe was less than expected might consider appealing the decision to their school’s financial aid office, Hubert says. If your Student Aid Index — a FAFSA-generated number that your college will use to help determine your aid eligibility — doesn’t look good to you, you’ll definitely want to ask them to reconsider.
Additionally, if something about your family’s financial situation is not reflected in your FAFSA, such as a recent drop in income or caring for an elderly family member, notify the financial aid office of your future school could help you get more tailored help, says Hubert.
If you’re truly stuck waiting for a financial aid decision, Hubert recommends considering other avenues, like enrolling in a community college to help lower the overall cost of your education. Obtaining a college degree usually pays off in the long run in terms of the jobs you’ll be able to get and the salary you’ll be able to command with a bachelor’s degree or without.
“You shouldn’t just skip college,” Hubert says. She mentions some small ways to reduce your tuition costs, like finding more affordable housing or changing your meal plan.
“There are lots of ways to save money coming out of college,” she says.
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